1.
Which of the following is an example of an implicit cost for a firm?
The value of time worked by the owner.
Any wages and salaries paid to employed.
Rent on property not owned by firm.
Both b and c.
The value of time worked by the owner.
Any wages and salaries paid to employed.
Rent on property not owned by firm.
Both b and c.
Solution
An example of implicit cost for a firm is: The value of time worked by the owner.
The wages and salaries paid to employees and the rent on property not owned by firm are
examples of explicit cost.
I hope my solution solves your query.